SunEdison eyes 1 GW of solar projects in China with new JV
Solar park in India built by SunEdison. Author: American Center Mumbai. License: Creative Commons, Attribution-NoDerivs 2.0 Generic
Oct 16, 2014 - US company SunEdison Inc (NYSE:SUNE) said today it will expand in China through a joint venture (JV) that aims to finance, develop, build and own up to 1 GW of utility-scale solar capacity over the next 3 years.
The firm’s JV partner is asset management company JIC Capital, which is part of China Jianyin Investment Corporation (JIC).
The new entity will focus on facilitating and structuring non-recourse financing for photovoltaic (PV) projects in China. SunEdison pointed to the huge opportunities that the local market offers as it has about 19 GW of installed solar capacity, while the national 2020 goal stands at 100 GW.
“Capital contributions will accelerate the growth of the solar market in China, and China's solar PV industry requires international know-how to improve,” said JIC Capital chairman JianPing Zhang.
The JV is now exploring and evaluating a number of large-scale schemes. It expects to commence construction early next year. SunEdison noted that it may acquire some of the JV’s completed solar parks at fair market value directly or through affiliates, including a yieldco.
Just recently SunEdison unveiled plans for the initial public offering (IPO) of a yieldco vehicle to own clean power generation assets in emerging markets, mainly in Asia and Africa. The company is already present in several Asia-Pacific markets, including India and Malaysia. This week SunEdison also confirmed the acquisition of Australian solar installer Energy Matters, including its brands Apollo Energy and Sunlock.